Rivian Automotive (NASDAQ:RIVN) saw a 15.03% increase in its stock price, closing at $20.28. Despite a 75% drop since going public, trading volume surged to 66.4 million shares on Thursday, surpassing the three-month average by 36%.

Following a Robert W. Baird upgrade, Rivian’s price target was raised as investors monitor the company’s autonomy roadmap and 2026 R2 launch. Meanwhile, the S&P 500 rose by 0.79% to 6,774, and the Nasdaq Composite gained 1.38% to 23,006, with Tesla and Ford showing varied reactions to EV updates.

Baird’s “buy” rating suggests a 25% upside from Rivian’s current price, anticipating increased sales with the upcoming R2 SUV launch. Rivian’s AI chip for autonomous vehicles, revealed recently, could boost demand and revenue.

For investors looking to capitalize on stock tips, Stock Advisor has unveiled the 10 best stocks to buy now, with a total average return of 951% compared to the S&P 500’s 192% return. Join Stock Advisor for access to these recommendations.

Howard Smith holds positions in Rivian Automotive and Tesla, with The Motley Fool endorsing and holding positions in Tesla as well. The expressed views are of the author and not necessarily Nasdaq, Inc.’s.

Read more at Nasdaq.: Stock Market Today, Dec. 18: Rivian Automotive Surges To 52-Week High After Analyst Upgrade and Higher Price Target